- Statement of Changes in Beneficial Ownership (4)

FORM 4 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES	OMB APPROVAL OMB Number: 3235-0287 Expires: January 31, 2005 Estimated average burden hours per response... 0.5
	Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940

1. Name and Address of Reporting Person ^* GLG Partners LP	2. Issuer Name and Ticker or Trading Symbol MAGNA ENTERTAINMENT CORP [ MECA ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director __ X __ 10% Owner _____ Officer (give title below) _____ Other (specify below)
(Last) (First) (Middle) 1 CURZON STREET,	3. Date of Earliest Transaction (MM/DD/YYYY) 6/26/2003
(Street) LONDON, X0 W1J 5HB (City) (State) (Zip)	4. If Amendment, Date Original Filed (MM/DD/YYYY)	6. Individual or Joint/Group Filing (Check Applicable Line) ___ Form filed by One Reporting Person _ X _ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	3. Trans. Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Subordinated Voting Stock	6/26/2003		S ⁽¹⁾		116701	D	$5.06	0	I ⁽²⁾ ⁽³⁾	see note ⁽²⁾ ⁽³⁾
Class A Subordinated Voting Stock	6/27/2003		S ⁽¹⁾		100000	D	$4.99	0	I ⁽²⁾ ⁽³⁾	see note ⁽²⁾ ⁽³⁾
Class A Subordinated Voting Stock	7/2/2003		S ⁽¹⁾		33299	D	$4.91	0	I ⁽²⁾ ⁽³⁾	see note ⁽²⁾ ⁽³⁾
Class A Subordinated Voting Stock	12/19/2003		S ⁽¹⁾		100000	D	$5.59	0	I ⁽²⁾ ⁽³⁾	see note ⁽²⁾ ⁽³⁾
Class A Subordinated Voting Stock	1/5/2004		S ⁽¹⁾		100000	D	$5.06	0	I ⁽²⁾ ⁽³⁾	see note ⁽²⁾ ⁽³⁾
Class A Subordinated Voting Stock	1/14/2004		S ⁽¹⁾		100000	D	$5.54	0	I ⁽²⁾ ⁽³⁾	see note ⁽²⁾ ⁽³⁾
Class A Subordinated Voting Stock	1/27/2004		S ⁽¹⁾		32500	D	$5.89	0	I ⁽²⁾ ⁽³⁾	see note ⁽²⁾ ⁽³⁾
Class A Subordinated Voting Stock	2/12/2004		S ⁽¹⁾		37200	D	$5.29	0	I ⁽²⁾ ⁽³⁾	see note ⁽²⁾ ⁽³⁾
Class A Subordinated Voting Stock	2/13/2004		S ⁽¹⁾		34500	D	$5.24	0	I ⁽²⁾ ⁽³⁾	see note ⁽²⁾ ⁽³⁾
Class A Subordinated Voting Stock	4/12/2004		S ⁽¹⁾		100000	D	$6.09	0	I ⁽²⁾ ⁽³⁾	see note ⁽²⁾ ⁽³⁾
Class A Subordinated Voting Stock	6/24/2004		S ⁽¹⁾		49500	D	$5.26	0	I ⁽²⁾ ⁽³⁾	see note ⁽²⁾ ⁽³⁾
Class A Subordinated Voting Stock	7/2/2004		S ⁽¹⁾		50000	D	$6.22	0	I ⁽²⁾ ⁽³⁾	see note ⁽²⁾ ⁽³⁾
Class A Subordinated Voting Stock	9/7/2004		P ⁽¹⁾		100000	A	$6.00	100000	I ⁽²⁾ ⁽³⁾	see note ⁽²⁾ ⁽³⁾
Class A Subordinated Voting Stock	11/2/2004		S ⁽¹⁾		36000	D	$5.28	64000	I ⁽²⁾ ⁽³⁾	see note ⁽²⁾ ⁽³⁾
Class A Subordinated Voting Stock	11/3/2004		S ⁽¹⁾		64000	D	$4.76	0	I ⁽²⁾ ⁽³⁾	see note ⁽²⁾ ⁽³⁾
Class A Subordinated Voting Stock	2/11/2005		S ⁽¹⁾		200	D	$5.68	0	I ⁽²⁾ ⁽³⁾	see note ⁽²⁾ ⁽³⁾
Class A Subordinated Voting Stock	2/11/2005		P ⁽¹⁾		50000	A	$5.73	50000	I ⁽²⁾ ⁽³⁾	see note ⁽²⁾ ⁽³⁾
Class A Subordinated Voting Stock	3/10/2005		S ⁽¹⁾		38500 ⁽⁴⁾	D	$6.399 ⁽⁴⁾	1500	I ⁽²⁾ ⁽³⁾	see note ⁽²⁾ ⁽³⁾
Class A Subordinated Voting Stock	3/10/2005		S ⁽¹⁾		10000	D	$6.60	0	I ⁽²⁾ ⁽³⁾	see note ⁽²⁾ ⁽³⁾
Class A Subordinated Voting Stock	3/11/2005		S ⁽¹⁾		2800	D	$6.55	0	I ⁽²⁾ ⁽³⁾	see note ⁽²⁾ ⁽³⁾
Class A Subordinated Voting Stock	3/11/2005		P ⁽¹⁾		1500	A	$6.65	1500	I ⁽²⁾ ⁽³⁾	see note ⁽²⁾ ⁽³⁾
Class A Subordinated Voting Stock	8/4/2005		S ⁽¹⁾		100000 ⁽⁵⁾	D	$6.75 ⁽⁵⁾	0	I ⁽²⁾ ⁽³⁾	see note ⁽²⁾ ⁽³⁾
Class A Subordinated Voting Stock	9/14/2005		S ⁽¹⁾		100000	D	$6.69	0	I ⁽²⁾ ⁽³⁾	see note ⁽²⁾ ⁽³⁾
Class A Subordinated Voting Stock	12/2/2005		S ⁽¹⁾		141800	D	$7.58	0	I ⁽²⁾ ⁽³⁾	see note ⁽²⁾ ⁽³⁾
Class A Subordinated Voting Stock	12/28/2005		S ⁽¹⁾		80000	D	$7.25	0	I ⁽²⁾ ⁽³⁾	see note ⁽²⁾ ⁽³⁾
Class A Subordinated Voting Stock	12/29/2005		S ⁽¹⁾		62300 ⁽⁶⁾	D	$7.22 ⁽⁶⁾	0	I ⁽²⁾ ⁽³⁾	see note ⁽²⁾ ⁽³⁾
Class A Subordinated Voting Stock	12/30/2005		S ⁽¹⁾		57700	D	$7.16	0	I ⁽²⁾ ⁽³⁾	see note ⁽²⁾ ⁽³⁾
Class A Subordinated Voting Stock	3/31/2006		S ⁽¹⁾		100000 ⁽⁷⁾	D	$6.708 ⁽⁷⁾	0	I ⁽²⁾ ⁽³⁾	see note ⁽²⁾ ⁽³⁾

*Table II - Derivative Securities Beneficially Owned ( e.g.* , puts, calls, warrants, options, convertible securities)**
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. Trans. Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)			11. Nature of Indirect Beneficial Ownership (Instr. 4)
8.55% Convertible Subordinated Notes due 2010	$7.05	2/11/2004		P ⁽¹⁾		$25000000.00		2/11/2004	6/15/2010	Class A Subordinated Voting Stock	3546100	$26500000.00	$70000000.00	I ⁽²⁾ ⁽³⁾	see note ⁽²⁾ ⁽³⁾
8.55% Convertible Subordinated Notes due 2010	$7.05	12/2/2005		P ⁽¹⁾		$2000000.00		12/2/2005	6/15/2010	Class A Subordinated Voting Stock	283688	$2317780.00	$72000000.00	I ⁽²⁾ ⁽³⁾	see note ⁽²⁾ ⁽³⁾
8.55% Convertible Subordinated Notes due 2010	$7.05	5/2/2006		P ⁽¹⁾		$150000.00		5/2/2006	6/15/2010	Class A Subordinated Voting Stock	21277	$157500.00	$72150000.00	I ⁽²⁾ ⁽³⁾	see note ⁽²⁾ ⁽³⁾
8.55% Convertible Subordinated Notes due 2010	$7.05	5/3/2006		P ⁽¹⁾		$738000.00		5/3/2006	6/15/2010	Class A Subordinated Voting Stock	104681	$774900.00	$72888000.00	I ⁽²⁾ ⁽³⁾	see note ⁽²⁾ ⁽³⁾
8.55% Convertible Subordinated Notes due 2010	$7.05	5/18/2006		P ⁽¹⁾		$1000000.00		5/18/2006	6/15/2010	Class A Subordinated Voting Stock	141844	$1032500.00	$73888000.00	I ⁽²⁾ ⁽³⁾	see note ⁽²⁾ ⁽³⁾
Call Option (obligation to sell)	$7.50	5/30/2006		S ⁽¹⁾			355	5/30/2006	1/18/2007	Class A Subordinated Voting Stock	35500	$90.00	$0	I ⁽²⁾ ⁽³⁾	see note ⁽²⁾ ⁽³⁾
Call Option (obligation to sell)	$7.50	5/31/2006		S ⁽¹⁾			10	5/31/2006	1/18/2007	Class A Subordinated Voting Stock	1000	$90.00	$0	I ⁽²⁾ ⁽³⁾	see note ⁽²⁾ ⁽³⁾
Call Option (obligation to sell)	$7.50	6/1/2006		S ⁽¹⁾			231	6/1/2006	1/18/2007	Class A Subordinated Voting Stock	23100	$90.00	$0	I ⁽²⁾ ⁽³⁾	see note ⁽²⁾ ⁽³⁾
Call Option (obligation to sell)	$7.50	6/2/2006		S ⁽¹⁾			20	6/2/2006	1/18/2007	Class A Subordinated Voting Stock	2000	$100.00	$0	I ⁽²⁾ ⁽³⁾	see note ⁽²⁾ ⁽³⁾
Call Option (obligation to sell)	$7.50	6/5/2006		S ⁽¹⁾			10	6/5/2006	1/18/2007	Class A Subordinated Voting Stock	1000	$90.00	$0	I ⁽²⁾ ⁽³⁾	see note ⁽²⁾ ⁽³⁾
Call Option (obligation to sell)	$7.50	6/8/2006		S ⁽¹⁾			10	6/8/2006	1/18/2007	Class A Subordinated Voting Stock	1000	$90.00	$0	I ⁽²⁾ ⁽³⁾	see note ⁽²⁾ ⁽³⁾
Call Option (obligation to sell)	$7.50	6/9/2006		S ⁽¹⁾			35	6/9/2006	1/18/2007	Class A Subordinated Voting Stock	3500	$90.00	$0	I ⁽²⁾ ⁽³⁾	see note ⁽²⁾ ⁽³⁾
Call Option (obligation to sell)	$7.50	6/13/2006		S ⁽¹⁾			35	6/13/2006	1/18/2007	Class A Subordinated Voting Stock	3500	$62.86	$0	I ⁽²⁾ ⁽³⁾	see note ⁽²⁾ ⁽³⁾
8.55% Convertible Subordinated Notes due 2010	$7.05	10/18/2006		S ⁽¹⁾			$3700000.00	⁽⁸⁾	6/15/2010	Class A Subordinated Voting Stock	524823	$3885000.00	$70188000.00	I ⁽²⁾ ⁽³⁾	see note ⁽²⁾ ⁽³⁾
8.55% Convertible Subordinated Notes due 2010	$7.05	10/19/2006		S ⁽¹⁾			$2000000.00	⁽⁸⁾	6/15/2010	Class A Subordinated Voting Stock	283688	$2100000.00	$68188000.00	I ⁽²⁾ ⁽³⁾	see note ⁽²⁾ ⁽³⁾
8.55% Convertible Subordinated Notes due 2010	$7.05	11/2/2006		S ⁽¹⁾			$2800000.00	⁽⁸⁾	6/15/2010	Class A Subordinated Voting Stock	397163	$2895620.00	$65388000.00	I ⁽²⁾ ⁽³⁾	see note ⁽²⁾ ⁽³⁾
8.55% Convertible Subordinated Notes due 2010	$7.05	2/23/2007		S ⁽¹⁾			$2000000.00	⁽⁸⁾	6/15/2010	Class A Subordinated Voting Stock	283688	$2020000.00	$63388000.00	I ⁽²⁾ ⁽³⁾	see note ⁽²⁾ ⁽³⁾
8.55% Convertible Subordinated Notes due 2010	$7.05	2/26/2007		S ⁽¹⁾			$2500000.00	⁽⁸⁾	6/15/2010	Class A Subordinated Voting Stock	354610	$2525000.00	$62888000.00	I ⁽²⁾ ⁽³⁾	see note ⁽²⁾ ⁽³⁾
8.55% Convertible Subordinated Notes due 2010	$7.05	2/26/2007		P ⁽¹⁾		$2500000.00		⁽⁸⁾	6/15/2010	Class A Subordinated Voting Stock	354610	$2525250.00	$65388000.00	I ⁽²⁾ ⁽³⁾	see note ⁽²⁾ ⁽³⁾
8.55% Convertible Subordinated Notes due 2010	$7.05	6/29/2007		S ⁽¹⁾			$1000000.00	⁽⁸⁾	6/15/2010	Class A Subordinated Voting Stock	141844	$982500.00	$64388000.00	I ⁽²⁾ ⁽³⁾	see note ⁽²⁾ ⁽³⁾
8.55% Convertible Subordinated Notes due 2010	$7.05	6/29/2007		P ⁽¹⁾		$1000000.00		⁽⁸⁾	6/15/2010	Class A Subordinated Voting Stock	141844	$982600.00	$65388000.00	I ⁽²⁾ ⁽³⁾	see note ⁽²⁾ ⁽³⁾

Explanation of Responses:
( 1)	The Reporting Persons' transactions in the Issuer's securities as reported on this Form 4 involved short-swing transactions that are subject to liability under Section 16(b) of the Securities Exchange Act of 1934, as amended. As a result, the Reporting Persons have paid $150,080 to the Issuer, which represents the entire amount of profit realized on their pecuniary interest in these short-swing transactions.
( 2)	GLG Partners LP, an English limited partnership, acts as the investment manager for certain funds which hold common stock, convertible subordinated notes and call options of the issuer.
( 3)	GLG Partners LP, an English limited partnership, acts as the investment manager of certain funds and may be deemed to be the beneficial owner of the Issuer's securities held by such funds. GLG Partners Limited, an English limited company, is the general partner of GLG Partners LP. GLG Partners, Inc. indirectly wholly owns GLG Partners Limited. GLG Partners LP, GLG Partners Limited and GLG Partners, Inc. do not hold directly any of the Issuer's securities or derivative securities with respect thereto, and disclaim any beneficial ownership of any of the Issuer's securities reported or excluded herein for purposes of Rule 16a-1(a) under the Securities Exchange Act of 1934, as amended, except for their pecuniary interest therein.
( 4)	This transaction was executed in multiple trades at prices ranging from $6.38 to $6.42. The price reported above represents the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
( 5)	This transaction was executed in multiple trades at prices ranging from $6.75 to $6.80. The price reported above represents the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
( 6)	This transaction was executed in multiple trades of prices ranging from $7.22 to $7.26. The price reported above represents the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
( 7)	This transaction was executed in multiple trades of prices ranging from $6.70 to $6.75. The price reported above represents the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
( 8)	The 8.55% Convertible Subordinated Notes due 2010 were convertible into Class A Subordinated Voting Stock at any time.

Remarks:
Due to system limitations for reporting transactions via EDGAR on Form 4, this Form 4 is the first of two forms filed for the reporting persons covering transactions reported for the period June 16, 2003 through June 29, 2007.

Reporting Owners
Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
GLG Partners LP 1 CURZON STREET LONDON, X0 W1J 5HB		X
GLG Partners LTD C/O GLG PARTNERS LP 1 CURZON STREET LONDON X0 W1J 5HB		X
GLG Partners, Inc. 390 PARK AVENUE, 20TH FLOOR NEW YORK, NY 10022		X

Signatures
GLG PARTNERS LP, By: GLG Partners Limited, as its General Partner, By: /s/ Victoria Parry, Senior Legal Counsel		1/8/2009
^** Signature of Reporting Person		Date
GLG PARTNERS LP, By: GLG Partners Limited, as its General Partner, By: /s/ Emmanuel Roman, Managing Director		1/8/2009
^** Signature of Reporting Person		Date
GLG Partners Inc., By: /s/ Alejandro R. San Miguel, General Counsel and Corporate Secretary		1/8/2009
^** Signature of Reporting Person		Date

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note:	File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.

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